Clause 21
Shareholding or control in other corporations
BillNot in forceProvision 53 of 90
Clause 21
(1)
No licensed trust company shall, without obtaining the prior approval of the Authority, acquire or hold more than —
(a)
20% of the total number of issued shares; or
(b)
20% of the voting power,in a corporation, unless it acquires or holds such shares or voting power in the course of acting as a trustee.
(2)
Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.